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WarGamer

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Name: Joseph
Gender: Male
Hometown: SoCal
Home country: USA
Current location: DC
Member since: Mon Feb 1, 2021, 09:27 PM
Number of posts: 1,708

About Me

WarGamer but NOT video games!! Analyst by profession and analyst as my hobby. 3 Degrees, 3 Decades. Engineering Degree in the 80's, MS Chemistry in the 90's and MS BioMedical Engineering in the 00's Currently working part time/semi retired as a Consultant for my former employer, specializing in BioPolymers. Democratic voter and fundraiser for 40+ years.

Journal Archives

The money is THERE, just take it. Part 38

Another trivial fact...

Approximately 15 BILLION shares of stocks trade daily. (2021 so far)

A ONE PENNY/SHARE fee/tax on each and every Wall St. transaction would net 150 million dollars a DAY.

ONE DIME/SHARE would produce 1.5 Billion Dollars a day.

ONE DOLLAR/SHARE would produce 15 Billion dollars a day.

So when some whale buys 1000 shares of Tesla ($620/share) = $620,000 he'd pay either $10, $100 or $1000... in other words, a pitiful amount.

The sons of bitches have the money.

You just gotta' take it.

Since I'm compassionate... make it a penny on stocks under $10, a dime on stocks $!0-100 and a dollar on all $100+ stocks.


A hat tip and much respect to Rep. Thomas Suozzi (D-N.Y.) Meet the PATRIOT TAX.

https://thehill.com/policy/finance/558263-exclusive-democrat-exploring-patriot-tax-on-multimillionaires-wealth


** He must have been reading my DU posts, lol... (only disagree with his threshold of $50M+...I would add a 1% bracket from $10m-$50M))

Rep. Thomas Suozzi (D-N.Y.), a member of the tax-writing House Ways and Means Committee, said that he’s exploring the idea of a one-time tax on the wealth of the richest Americans as Democrats seek to increase taxes on the rich in order to pay for spending priorities.

In an interview with The Hill on Friday, Suozzi said he’s in the early stages of looking at what he called a “patriot tax.” This would be a one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million. Wealthy people would be able to pay the tax over five years.

“We all know that people who are wealthy did very well during the pandemic and people that were low-income people did not do well,” he said.

He said that for wealthy people, the surcharge would be “a way to help your country to build back better.”

Research provided by Suozzi’s office estimates that such a tax could raise about $450 billion.

Some might not understand HOW the Billionaires got RICHER during COVID-19. Come on in.

This is really simple.

It's the stock market.

I'm an amateur dabbler but keep a close eye on the markets.

In March of 2020 the bottom dropped out of everything.

SPY is a tradable fund of S&P 500 companies. It's a commonly invested-in vehicle.

On 3/20/20, SPY hit a low of $228 a share. Today it's $425.

But that's JUST a ~100% profit. There's a way the Billionaires multiplied that.

Through options trading, you could buy contracts controlling 100 shares per option contract betting for a higher stock price in the future.

For example, cost to buy 1000 shares of SPY on 3/20/20 = $244,000

But on 3/20/20 you could buy 100 options contracts for SPY for maybe... $100,000 which gave you control over 10,000 shares of SPY for 6 months without actually owning them. For every dollar past the "strike price" SPY went, you pocketed $100 per contract.

Let's say in March 2020, you bought 100 options of SPY for 6 months, with a strike price of $250.

On 9/20/20, SPY was selling for $330 a share. That's $80 per share profit, or 80 x 10,000 = $800,000, a $700k profit after the premium.

This is just ONE example.

Anyone who put money in the market in March or April of 2020 made a fortune. Nearly EVERY stock doubled or even tripled from 3/20 to today.

Examples:

TSLA $85 on 3/20... $610 today

JP Morgan Chase $83 on 3/20... $160 today

AMC (movie theater) $3 on 3/20... $50 today

People made more money in a year than most people make in a lifetime... during a global pandemic that killed MILLIONS.

And for those who say "Didn't they lose money in the crash?"

Yes they did. Temporarily. But the rich have the cash to dump back in while the market was down.

Go look at your local Rolls Royce Dealer, Porsche, Lamborghini, Ferrari and Bentley...

They're OUT OF CARS, I shit you not.

The largest RR dealers in the country have less than 10 cars in stock. Their $400k SUV has been out of stock nationally for months with a 2 year waiting list.

The RICH are swimming in money right now.

I have NO COMPASSION for those on the Left OR Right who coddle Billionaires. I don't care which side of the fence the Billionaire straddles, no mercy. Musk, Bezos, Zuckerberg, Cuban, Gates... all get positive press 24/7 because they're perceived as friends of the progressives...

They're playing all of us.

In a recent interview, they asked Mark Cuban about a "Wealth Tax". He's fucking terrified.

And he started fighting the very idea of a wealth tax.

https://thehill.com/homenews/media/557805-mark-cuban-propublica-not-being-honest-about-taxes-on-wealthy

Cuban said that while he’s open to paying more federal income tax... he's opposed to a wealth tax

****Translation: Rich people seldom have large salaries, unless they're a pro athlete or Hollywood actor.


He continued. Imagine beads of sweat forming on his brow as he spoke:

“Do you tax net worth or do you only tax income?” Cuban asked. “Because net worth is fleeting. If you go back to the internet stock days, there are a lot of people who were billionaires who aren’t even close anymore and working regular jobs.”

Translation: You can't really tax Billionaires because someday their wealth may be higher or lower or even gone.

Speaking of home appreciation, Cuban said:

“The only way you’re going to benefit from that financially is if you sell it,” Cuban said. “Should you have to sell your house in order to pay your taxes?”

***Ummm... yes. That's the whole idea.

And this line of logic is classic:

“I don’t keep cash in the bank. It’s invested. If you tax me on my net worth, I’m going to have to sell a lot — not just a little, but a lot,” he said.

“So, it’s one thing to talk about it from a political side, it’s another thing to do it because it makes good copy, and it’s another thing to do the work to find out truly what is fair and what’s not fair. Fair is good. I’ve got no problem with fair, but you have to look at the realities,” said Cuban, who was not named in the ProPublica article.




My $.02

Corporate Taxation is a tax on the consumer. Corporations are owned by millions of PEOPLE including teachers, firemen and cops. A Corporation will ALWAYS adjust their business model to remain profitable. Who pays for Corporate Taxes? Shareholders, employees and consumers.

Income tax will ALWAYS be limited because the wealthy are able to control their wealth to take little if ANY salary. Elon Musk is worth BILLIONS but takes NO salary from Tesla. He lives on stock income which he pays long term Capital Gains taxes on.

The money we NEED to tax is tied up into investments by the filthy rich, protected by the tax law and Capital Gains taxation.

Wealth Tax now.



Why doesn't anyone talk about a COVID-19 tax?

This thing cost us trillions.

Responsible people pay their bills.

After 9-11, airlines increased security measures and passed along the cost to the passenger.

Why don't we look at ways to recoup the costs?

Possible ways:

Temporary VAT tax, food excluded. Like the EU

Temporary re-alignment of the top tax brackets

Temporary "per transaction" Wall Street fee (after all, they got RICHER during C19)

Wealth Tax

I think we're up to $6-7T right now because of C19...



Maybe the best thing you'll read all day!

As a longtime Brookings donor, I can't recommend their work highly enough.

It's an amazing group of expert researchers.

Read Brookings and you'll be the most well informed person in the room 99/100 times.

No worries about correct data for arguing with your opposition... the Gold Standard.

https://www.brookings.edu/research/social-and-economic-impact-of-covid-19/

The link is to a summary, the entire paper can be d/l right there too.

This paper presents a succinct summary of the existing economic literature on the economic and fiscal impact of the pandemic, and a preliminary estimate of the associated economic cost. It documents the incidence of initial conditions (with a particular focus on the role of the labor market channel) on the transmission of the shock and the speed and extent of the expected recovery, summarizes how countries attempted to attenuate the economic consequences and the international financial institutions assisted countries, reports preliminary accounts of medium-term COVID-related losses, and concludes with some forward-looking considerations based on the lessons learned in 2020.

Every last DU'er should wake up in the morning and thank Heaven for Joe Manchin...

He's the fine BLUE line between Majority Leader Schumer and Majority Leader McConnell.

Think about the prospect of a McConnell Senate for the next 2 years the next time you want to shitpost about Manchin.

The history of the Filibuster on the chopping block... and the cost.

In the last 20 years, the filibuster has been targeted for destruction.

https://www.rollcall.com/2020/10/15/if-you-dont-like-the-supreme-court-blame-harry-reid/

Btw, roll call is rated at neutral bias for those about to call it a RW piece.

Let's start:

It's 2005. Majority leader Bill Frist (R) was frustrated by Democratic filibusters of 7 Federal Judge nominations. Frist considered "going nuclear" to break the gridlock but decided that doing so would damage the institution of the Senate, thus damaging the nation.

In 2013, Majority Leader Reid (D) was also frustrated by Republican efforts to block Federal Judge nominations. Reid decided that at least on the topic of Federal Court Judges, not including SCOTUS nominees to abolish the filibuster.

It was a good move for Reid. The Obama administration placed a tone of Judges in 8 years...

Fast forward to 2017... Majority Leader McConnell (R) gladly took the reins of Reids Federal Judge fast lane and began pushing Trump judges into courtrooms. In fact, Trump put nearly as many Federal Appellate Court judges on the bench as Obama in half the time in office.

Oh... and then McConnell recognized the move Reid had made on Federal Court Judges and killed the filibuster for SCOTUS nominations.

Say hello to GoodHair, Barf and Handmaiden.

Quick note: Congress has NEVER placed the "genie" back in the bottle after expanding its own power.

So today... some Democrats want to kill the filibuster again, albeit for seemingly good reasons.

But at what cost?

We DO NOT have one-party rule in this country. The White House changes hands, the Congress changes hands more frequently.

What will the GOP do with a filibuster-free Senate in '22, '24 or '26??

THIS is what the 5-7 DEM Senators against killing the filibuster are concerned with.

AND read this:

https://www.politico.com/story/2018/06/26/donald-trump-kill-the-filibuster-677151

President Donald Trump had a simple message for Senate Republicans during a meeting at the White House on Tuesday: "Kill the filibuster now, before Chuck Schumer and the Democrats do."

McConnell refused.

Seems to be a lot of confusion about Trump's blog going *poof*

If you read Axios and the WSJ and others...

Apparently, Trump and surrogates have reached out to those in the digital domain about the creation of a platform, possibly even quizzing Peter Thiel and others.

The answer has been "it takes time" and "you'll need to find people who won't plant Easter Eggs or sabotage the software".

So... they're turned to an acquisition or merger of an existing social media enterprise with little to no followers or app downloads.

Enter CloutHub and FreeSpace.

They have the platform, the app and infrastructure in place. They need users. Trump can bring users.

Trump has previously announced the desire to do a 4th of July rally and many have speculated that the new social media collaboration will be launched then.

There. Now you know more than 99% of the general public, beyond the news.

https://www.wsj.com/articles/trump-considers-contenders-to-be-his-new-social-media-outlet-after-big-tech-crackdown-11621013567

Here we go again... China reports first H10N3 virus transmission to humans.

https://www.livescience.com/first-human-case-bird-flu-h10n3.html


A man in China caught the first case of H10N3 bird flu ever reported in a human, China's National Health Commission (NHC) announced Tuesday (June 1).

The H10N3 strain of avian influenza normally causes mild disease in birds, and until now, no cases of the viral infection had been reported in humans, according to a statement on the NHC website, as translated by Reuters. But on April 23, a 41-year-old man in the city of Zhenjiang developed a fever that progressed over the following days, and on April 28, he went to a local hospital for treatment.

(Although H10N3 only causes mild disease in its natural hosts, that may not hold true when the strain jumps to people.)




fuck.
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